Dive Brief:
- Cutrale and Safra Group have extended their takeover offer for shares of Chiquita until Dec. 23.
- Just 73% of shares had been tendered by the initial deadline of Dec. 3.
- The $14.50 a share offer was accepted by Chiquita management in late October, ending a months-long battle over the fate of the banana giant.
Dive Insight:
This is a procedural problem. There's no indication that the actual merger deal is in danger. The Brazilian investors have, in fact, already secured the majority of shares. Still, it's disconcerting, if not actually threatening to the deal, that shareholders' follow-up on the takeover has been so lackluster.